Analyst Joseph Pantginis from H.C. Wainwright reiterated a Buy rating on Ligand Pharma and keeping the price target at $231.00.
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Joseph Pantginis has given his Buy rating due to a combination of factors, including the promising developments surrounding Ligand Pharma’s partner, Palvella, and their QTORIN Rapamycin product. The positive Phase 2 data for QTORIN in treating cutaneous venous malformations, a condition with no approved therapies, highlights its potential in addressing unmet medical needs.
Furthermore, the potential for QTORIN to receive Breakthrough Therapy Designation could accelerate its path to market, enhancing Ligand’s royalty prospects. If approved, Ligand stands to gain significant royalties ranging from 8-9.8%, which would contribute positively to the company’s revenue growth. These developments underscore the multi-indication potential of QTORIN, reinforcing the Buy rating for Ligand Pharma’s stock.
In another report released on December 10, Benchmark Co. also maintained a Buy rating on the stock with a $220.00 price target.
Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of LGND in relation to earlier this year.